Implementation of Risk Management Plan
Student will write a paper to implement their risk management plan for the project developed in previous assignments. Implement the process to identify, analyze and respond to at least 10 risks or opportunities specific to schedule, scope, budget, and resources as part of the Risk Register. Of those 10 identified risks or opportunities, create at least two (2) triggers using the earned valued management process (CPI, SPI, EV, BAC, EAC) and identify a mitigation plan to handle those two risks. Students may propose an alternative project of their own design that shows attainment of the corresponding course outcome. The mentor must approve the alternative project.
Answer previewRisk and Opportunities Identification, Analysis and Response Strategies
In a risk management plan and its effective implementation, the process must include defining clearly the available risks, analyzing the probability and the impact of the said risk, establishing response strategies and having measures for control of the risks. The opportunities need to be clearly defined and explored for maximum utilization (Zavadskas et al., 2010). The risk manager has it in mind that this is a continuous process throughout the project life. Different tools can be used to identify the various risks that would occur in a project and establish if they happen and the impact they would cause on that project. Since it is a continuous process, it promotes proactive management over reactive…
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